Latest News | Indian Hotels Reports Consolidated Net Profit of Rs 95.96 Cr

New Delhi, Feb 1 (PTI) Tata group hospitality firm Indian Hotels Co Ltd (IHCL) on Tuesday reported a consolidated net profit of Rs 95.96 crore for the third quarter ended December 31, 2021.

The company had posted a consolidated net loss of Rs 133.22 crore in the same period last fiscal, IHCL said in a regulatory filing.

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Consolidated revenue from operations in the quarter under review stood at Rs 1,111.22 crore, as against Rs 559.86 crore in the year-ago period, it added.

"The momentum of quarter-on-quarter growth has continued in the third quarter led by the upswing in domestic demand and recovery in international markets," IHCL Managing Director and CEO Puneet Chhatwal said.

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Stating that the company's performance is closely reflective of pre-COVID levels, he said, "we will continue to strengthen our portfolio and growing the new businesses while maintaining our asset-light strategy."

Despite the ongoing challenges of the pandemic, IHCL said it continued on its path of business expansion and consolidation with the acquisition of the balance shares of Roots Corporation Ltd.

IHCL Executive Vice President and CFO Giridhar Sanjeevi said the company has maintained a strong performance with a significant increase of 85 per cent in revenue this quarter, compared to corresponding quarter in the previous year.

"We have also deployed the recent equity raised through the rights issue to retire debt as per the objects of the issue, thereby strengthening IHCL's objective of being a zero-debt company in the long-term," Sanjeevi added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)